Bury’s Stanref enters administration for second time in five months
An engineering company with products in the navy’s new aircraft carriers is in administration for the second time in five months.
Leading manufacturer of pressure vessels and heat exchangers Stanref International (2017) appointed administrators today.
The business was only bought out of administration in October saving 24 jobs.
Though the business had orders it has been unable to secure occupation of its Northern Way, Bury St Edmunds, site beyond May and has run out of time negotiating terms on another site.
Business rescue and insolvency specialist McTear Williams & Wood is seeking a buyer as a going concern.
Joint administrator Andrew McTear said: “This is the first time in over 30 years where I am offering a business for sale without the option of a business premises.
“Any purchaser will need to have existing premises but, that apart, this is a great opportunity”.
Stanref director Adrian Howlett said: “Things were looking up for the business with a full order book and record sales last month, but without business premises beyond the end of May we couldn’t accept orders knowing the company would not be able to fulfil them.”